Singapore’s NETS to Assist Myanmar in Implementing Universal QR Payment

Singapore’s NETS to Assist Myanmar in Implementing Universal QR Payment

by April 30, 2019
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The NETS Group today announced that it has signed a Memorandum of Understanding (MOU) with Myanmar’s national payment network to establish a Payment Technology Exchange & Development Programme.

The first project under the Programme will see NETS sharing its technical and operational knowledge around the Singapore Quick Response (SGQR) Central Repository platform with Myanmar Payment Union (MPU) with a view to implementing a similar platform in Myanmar.

Launched in September 2018 by the Monetary Authority of Singapore and the Infocomm Media Development Authority, the Singapore Quick Response Code (SGQR) is a unified payment system for QR codes that combines multiple QR payment codes such as PayNow and NETS QR into a single QR code.

With a large unbanked population of 74%, Myanmar is seeing a rise in popularity for fintech and mobile payments.

 

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